Michael Meacher
Main Page: Michael Meacher (Labour - Oldham West and Royton)Department Debates - View all Michael Meacher's debates with the Cabinet Office
(9 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Michael Meacher (Oldham West and Royton) (Lab)
Q13. If this is such a great economic recovery, why are wages still 6% below the pre-crisis level of seven years ago? Why was the growth rate in the last quarter a mere 0.4%? Why has productivity been flat for five years? Why is UK investment as a proportion of GDP one of the lowest in the world? And why is the balance of payments in traded goods now in deficit by £100 billion a year?
The Prime Minister
If the right hon. Gentleman wants to know why, there are two words: ask Gordon. But if he wants to know what is actually happening in our economy, let me tell him. The deficit has been halved from its peak—[Interruption.]